AQUA METALS, INC. (NASDAQ:AQMS) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
On April 13, 2017, we entered into an agreement with Ebonex Limited, a company registered in England and Wales (“Seller”), for our purchase, and the Seller’s sale, of all of the capital shares of Ebonex IPR Limited, a company registered in England and Wales. Ebonex IPR Limited is a pre-revenue IP-based company that has developed patented technology in the field of advanced materials and manufacturing methods for advanced lead acid batteries. In consideration of our acquisition of all of the capital shares of Ebonex IPR Limited, we paid the Seller $100,000 and issued to the Seller 123,776 shares of our common stock. The agreement contains representations, warranties and indemnities that are customary to acquisition agreements of this nature. The transactions under the agreement closed on April 13, 2017.
None of our officers or directors had any direct or indirect interest in our acquisition of Ebonex IPR Limited. In the early 1990s, our chief executive officer, Dr. Stephen R. Clarke, and Dr. Clarke’s father co-founded Atraverda Ltd., a UK company that is a predecessor to Ebonex Limited. In 1993, Dr Clarke and his father resigned from their positions with Atraverda Ltd. and Atraverda Ltd. was subsequently dissolved and wound-up. Neither Dr. Clarke, his father nor any of their family members or affiliates have ever held any direct or indirect interest in Ebonex IPR Limited, Ebonex Limited or any other successor in interest to Atraverda Ltd.
About AQUA METALS, INC. (NASDAQ:AQMS)
Aqua Metals, Inc. is engaged in the business of recycling lead through a process that the Company developed and named AquaRefining. AquaRefining process will provide for the recycling of lead acid batteries (LABs) and the production of lead. AquaRefining is a water-based ambient temperature process. The modular nature of AquaRefining makes it possible to start LAB recycling at a smaller scale than is possible with smelters. Its AquaRefining process begins with the crushing of used LABs and the separation of the metallic lead, active material (lead compounds), sulfuric acid and plastic for recycling. The active material is dissolved in its solvent. The primary lead is then stripped from the solvent using its automated process allowing the solvent to be reused continuously and indefinitely. Its AquaRefining process generates over three outputs, such as lead; cleaned plastic chips, recovered from battery casings, and sulfuric acid. The Company has not generated revenues. AQUA METALS, INC. (NASDAQ:AQMS) Recent Trading Information
AQUA METALS, INC. (NASDAQ:AQMS) closed its last trading session down -0.75 at 15.38 with 2,244,252 shares trading hands.